Ricardo Spagni Urges Binance to Support Privacy Coins
Ricardo Spagni, the former lead maintainer of Monero, one of the most widely used privacy coins in the cryptocurrency market, is urging Binance to take a stance on the issue of privacy coins. Spagni believes that Binance's neutrality is doing a disservice to the entire industry and argues that any protocol-level changes to make Monero compliant are unnecessary.
Former Monero Lead Dev Ricardo 'Fluffypony' Spagni Calls on Binance to Stand for Privacy Coins
Ricardo "Fluffypony" Spagni, the former lead maintainer of Monero, is calling on Binance to reconsider its position on delisting privacy-focused coins. In a recent post, Spagni criticizes Binance's stance, which could potentially lead to the delisting of these currencies in January.
Spagni's criticism is supported by a report produced by consulting firm Perkinscoie, which argues that "privacy coins protect legitimate individual and commercial privacy interests" and that existing financial regulations adequately address the anti-money laundering (AML) concerns associated with privacy coins. Spagni strongly disagrees with Binance's compliance requirements.
"By not taking a stance, you do the industry a disservice and support the barrage of attacks against personal privacy. If Apple can take a stance against CSAM, you can grow a backbone and fight for the right to privacy for everyone."
According to reports, one of the requirements that Binance is asking privacy projects to fulfill is the creation of "exchange only" addresses without privacy shielding features. Firo, another privacy coin, is in the process of implementing these changes.
However, Spagni emphasizes that the Monero community values user privacy above all else, and any compromise to that objective will never be accepted. He emphasizes:
"Any protocol-level changes are unnecessary, and they simply will never happen."
Binance had previously announced its intention to delist 12 privacy coins, including Monero and Zcash, in certain European Union (EU) countries in May. The exchange cited "local regulatory requirements" as the reason for these actions. However, after receiving feedback from the affected projects and their communities, Binance reversed its decision, stating that it had reevaluated the classification of these currencies to "comply with EU-wide regulatory requirements."
What are your thoughts on Ricardo Spagni's statements? Share your opinions in the comments section below.
Frequently Asked Questions
How Much of Your IRA Should Include Precious Metals?
You should remember that precious metals are not only for the wealthy. You don't have to be rich to invest in them. There are many ways to make money on silver and gold investments without spending too much.
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No matter what your preference, precious metals will still be of benefit to you. They are not stocks but offer long-term growth.
Their prices are more volatile than traditional investments. So, if you decide to sell your investment down the road, you'll likely see more profit than you would with traditional investments.
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Gold's price fluctuates depending on the supply and demand. It is also affected by interest rates.
Due to limited supplies, gold prices are subject to volatility. There is also a risk in owning gold, as you must store it somewhere.
Who holds the gold in a gold IRA?
The IRS considers an individual who owns gold as holding “a form of money” subject to taxation.
You must have at least $10,000 in gold and keep it for at most five years to qualify for this tax-free status.
While gold may be a great investment to help prevent inflation and volatility in the market, it's not wise to keep it if you won't use it.
If you are planning to sell your gold someday, it is necessary that you report its value. This can affect the capital gains taxes that you owe when cashing in on investments.
A financial planner or accountant should be consulted to discuss your options.
- If you take distributions before hitting 59.5, you'll owe a 10% penalty on the amount withdrawn. (lendedu.com)
- Contribution limits$6,000 (49 and under) $7,000 (50 and up)$6,000 (49 and under) $7,000 (50 and up)$58,000 or 25% of your annual compensation (whichever is smaller) (lendedu.com)
- If you accidentally make an improper transaction, the IRS will disallow it and count it as a withdrawal, so you would owe income tax on the item's value and, if you are younger than 59 ½, an additional 10% early withdrawal penalty. (forbes.com)
- Indeed, several financial advisers interviewed for this article suggest you invest 5 to 15 percent of your portfolio in gold, just in case. (aarp.org)
- You can only purchase gold bars at least 99.5% purity. (forbes.com)
- Gold IRA, Add Sparkle to Your Retirement Nest egg
- Understanding China's Evergrande Crisis – Forbes Advisor
- Saddam Hussein’s InvasionHelped Uncage a Bear In 1989 – WSJ
- How do you keep your IRA Gold at Home? It's not exactly legal – WSJ
- Are You a Good Candidate for a Gold IRA
- What are the Options Types, Spreads, Example and Risk Metrics
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By: Sergio Goschenko
Title: Former Monero Lead Maintainer Calls on Binance to Take a Stance on Privacy Coin Issue
Sourced From: news.bitcoin.com/former-monero-lead-maintainer-calls-on-binance-to-take-a-stance-on-privacy-coin-issue/
Published Date: Sat, 30 Dec 2023 10:30:01 +0000